Business Wire

MYbank Served Over 20 Million SMEs as of 2019, Further Spurring the Growth of China’s Small and Micro Businesses

Share

MYbank, a leading online private commercial bank under Ant Financial Services Group, stated in its annual report released today that it has served 20.87 million small and micro businesses in China as of the end of 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200427005353/en/

Rapid growth in number of SMEs served by MYbank between 2016 and 2019 (Photo: Business Wire)

Rapid growth in number of SMEs served by MYbank between 2016 and 2019 (Photo: Business Wire)

As part of the Star Plan launched in June 2018, MYbank has worked with over 400 financial partners to provide business loans to Chinese SMEs as of 2019. 80% of MYbank loan users had previously never received business loans from banks.

The average outstanding loan size for MYbank users was RMB 31,000 (approximately USD 4,300) in 2019, an increase of nearly 20% compared to last year, reflecting robust growth among SMEs in China. MYbank plans on extending credit lines to 70% of small and micro businesses in China in 2020, up from 50% in 2019.

The non-performing loan (NPL) ratio for MYbank’s SME business loans has consistently been at around 1%, which is significantly lower than the industry average of 3.22% in 2019, according to the China Banking and Insurance Regulatory Commission.

“Small and micro businesses constitute an essential pillar of our economy, and we are proud to have supported over 20 million small and micro businesses as of 2019. Our primary goal in 2020 is to continue to enable the sustainable growth of SMEs and empower them to overcome these challenging times and thrive,” says Mr. Jin Xiaolong, President of MYbank. “This underscores our confidence in the resilience of small enterprises across the country as they resume work and life.”

According to China’s State Administration for Market Regulation, as of February 2020, there are over 83.53 million individually-owned businesses registered in China, employing over 200 million people in total. Over the past few years, SMEs have contributed to more than 60% of China’s GDP and 80% of urban employment. MYbank has implemented a series of measures to help small and micro business owners overcome the economic impact of the COVID-19 pandemic, including:

  • Providing 12-month loans totalling RMB 10 billion to online merchants from Hubei Province registered on Taobao and Tmall. These loans are interest-free for the first three months, with interest rates lowered by 20% for the remaining nine months.
  • Providing 12-month loans totalling RMB 10 billion to Taobao and Tmall merchants from outside Hubei, with interest rates also lowered by 20%.
  • Waiving interest rates for 360,000 offline micro merchants in Wuhan for the first month and cutting interest rates by 20% for Hubei merchants outside of the city.
  • Partnering with 100 banks to launch the “Contactless Loans” initiative to support 10 million SMEs as they resume operations and overcome the impact of COVID-19.

Ms. Qiu Mengyi, a 26-year-old owner of a nail salon in Wuhan, applied for a business loan from MYbank when the city came out of lockdown in early April. “Even though my business will not be completely back to normal in six months, the financial support we have received will help get us back on track,” said Ms. Qiu. Mr. Mo Jiaxuan, a self-made owner of a claw machine company, also successfully applied for a business loan from MYbank. He also launched a claw machine mini-program on Alipay that enabled him to reach and engage with over 900 million users on the digital lifestyle platform and drive traffic to his online storefront.

MYbank’s Star Plan aims to strengthen SME financing over a three-year period. Through the plan, MYbank will enable 1,000 financial institution partners to provide more cost-effective financing services to 30 million SMEs in China. MYbank also pioneered the “310 model” for SME financing, which offers collateral-free business loans that take less than three minutes to apply for on a mobile phone, less than one second to approve, and requires zero human intervention, using proprietary AI and risk management technologies.

About Ant Financial

Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and small and micro-sized individual customer and small businesses worldwide.

Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants. Brands under Ant Financial include Alipay, Ant Fortune, MYbank, and WorldFirst. For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.

About MYbank

MYbank is one of the leading private online commercial banks in China focused on serving SMEs and farmers. Ant Financial led the establishment of MYbank on June 25, 2015. It was the first bank in China to establish its core banking system entirely on the cloud without any physical branches. As one of the brands under Ant Financial Services Group, MYbank leverages Alipay’s AI, computing and risk management technologies to improve customer service, increase efficiency, and reduce costs for its partner financial institutions.

Contact information

Media Enquiries
Le SHEN
E: shenle.sl@antfin.com

Bell Wang
E: yixing.wl@antfin.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Takeda Provides Updates on Its Pharmacokinetic-guided Prophylaxis Studies at ISTH 2020, Reinforcing Its Commitment to Advancing Personalized Care for People with Bleeding Disorders12.7.2020 14:30:00 CESTPress release

Takeda Pharmaceutical Company Limited (“Takeda”) (TSE: 4502/NYSE:TAK) today announced that 13 abstracts are being presented from the company’s Hematology portfolio and pipeline at the International Society on Thrombosis and Haemostasis 2020 Virtual Congress (ISTH 2020). Among the data, Takeda spotlighted four abstracts to highlight its commitment to advancing personalized care through pharmacokinetic (PK)-guided prophylaxis in people living with hemophilia or von Willebrand Disease (VWD) – including scientific updates in patients with hemophilia A from the Phase 3 PROPEL and Phase 3b CONTINUATION studies investigating potential benefits of personalized TAK-660 (rurioctocog alfa pegol) prophylaxis. Two population studies into the PK/pharmacodynamic (PD) profiles of recombinant von Willebrand factor (rVWF), which provide data to assist in the optimization of rVWF personalized dosing strategies, were also presented. Takeda addresses the unique needs of each patient with personalized care

VR Fitness Developer FitXR Secures $7.5 Million In Series A Venture Round Led by Hiro Capital10.7.2020 08:00:00 CESTPress release

FitXR, the leading VR fitness company, today announces that it has secured $6.3m in investment funding, led by Hiro Capital, with continued support from U.S.-based BoostVC, Maveron and TenOneTen Ventures, together with an additional $1.2m in the form of an innovation loan, from Innovate UK. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200709005856/en/ Cherry Freeman, Co-Founding Partner, Hiro Capital (Photo: Business Wire) FitXR, who had previously secured $1.25 million in seed funding from investors, will use the new investment to expand its operations in Europe and North America, and to accelerate launch of several exciting new products and services for people to keep fit in Virtual Reality. The investment marks a significant show of belief in FitXR, who over the last year has grown to become one of the leaders of the VR fitness sector, with its mission to put the fun back into fitness. Its first product, the boxing rhyt

Laboratory Studies Confirm BETADINE® Antiseptic Products’ Effectiveness Against COVID-19 Virus10.7.2020 00:37:00 CESTPress release

Mundipharma today announced that laboratory testing at the Duke-NUS Medical School in Singapore, has confirmed the effectiveness of its BETADINE® antiseptic products against the novel coronavirus (SARS-CoV-2) which causes COVID-19 disease. Testing has demonstrated BETADINE’s® strong in-vitro virucidal activity, killing 99.99% of the SARS-CoV-2 virus in 30 seconds. The products subjected to testing were: BETADINE® antiseptic products, namely Solution (10% PVP-I), Skin Cleanser (7.5% PVP-I), Gargle and Mouthwash (1.0% PVP-I) and Throat Spray (0.45% PVP-I). The research has been published in the respected Infectious Disease and Therapy Journal on 08 July 2020. “These results confirm our view that BETADINE® antiseptic products, used appropriately and in conjunction with other preventative treatment options including PPE, can play a role in limiting the spread of infections, including COVID-19,” said Raman Singh, CEO Mundipharma. “It also provides the medical community as well as consumers

New Evidence Shows Morinaga Milk’s Probiotic Bifidobacterium breve A1 Improves Memory of Older Adults With Cognitive Dysfunction9.7.2020 20:00:00 CESTPress release

Morinaga Milk Industry Co., Ltd. (TOKYO:2264), a leading Japanese dairy product company and a key global probiotics manufacturer, confirmed that its proprietary probiotic strain Bifidobacterium breve A1 (a.k.a. B. breve MCC1274) is safe and effective for improving memory functions of older adults with suspected mild cognitive impairment (MCI) in a randomized, double-blind, placebo-controlled trial (RCT). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200709005032/en/ Figure 1. Changes of RBANS scores at 16 weeks from baseline. Values are indicated as mean with error bars as the standard error. **p<0.001, ***p<0.0001, inter-group difference, Student’s t-test. (Graphic: Business Wire) The new study, published recently in the Journal of Alzheimer’s Disease, has produced breakthrough results uncovering a novel promising probiotic intervention for early dementia prevention. The clinical study conducted by a clinical research orga

rf IDEAS and Ricoh Simplify Secure Access to Multifunction Printers9.7.2020 18:05:00 CESTPress release

rf IDEAS, a leading manufacturer of credential readers for authentication and logical access, today announced with Ricoh the integration of its WAVE ID® Plus dual-frequency card reader technology with Ricoh’s Smart Operation Panel (SOP), Gen 2.5. The new WAVE ID Ricoh Universal SOP Reader is the most innovative reader for secure pull-print applications with Ricoh multifunction printers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200709005764/en/ WAVE ID® Ricoh Universal SOP Reader (Photo: Business Wire) rf IDEAS and Ricoh have a proven record of working together to deliver secure workplace solutions that feature the most advanced identification and authentication capabilities. “As we continue our worldwide partnership with a leader in the print industry, we are delighted that Ricoh chose rf IDEAS to develop an innovative credential reader design that connects to its A3 multifunction devices,” said Tod Besse, senior vice

Immersive Labs Adds Tenable Co-Founder and Security Industry Veteran Jack Huffard to its Board of Directors as Demand for Improving and Measuring Cyber Talent Grows9.7.2020 17:46:00 CESTPress release

Immersive Labs, the company empowering organizations to equip, exercise, and evidence human cyber capabilities, announced Jack Huffard, a co-founder and board member of Tenable (Nasdaq: TENB) will join its board of directors to help drive growth. This comes on the heels of Immersive Labs’ recent expansion into the U.S. market, backed by Goldman Sachs and Summit Partners with $50M in financing, after four successful years of fast-growth and an impressive customer roster in the UK and the U.S. With the addition of Huffard to the board, a cybersecurity industry business leader who helped Tenable through its fast growth and successful IPO, the Immersive Labs team is well-suited for its next phase of innovation and market leadership. Huffard also currently serves as a board director for Norfolk Southern Corporation (NYSE: NSC) and is a member of the National Security Telecommunications Advisory Committee (NSTAC), helping the US government navigate pressing national security issues and stren

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom